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Problem 2 ( 6 points ) Portions of the financial statements for Frontline Company are provided below. table [ [ table [ [
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Portions of the financial statements for Frontline Company are provided below.
tabletableFrontline CompanyIncome StatementFor the Year Ended December $ in thousandsRevenues and gains:Sales$Gain on sale of building,$Expenses and loss:Cost of goods sold,$SalariesInsuranceDepreciationInterest expense,Loss on sale of equipment,tableIncome before taxIncome tax expensetableNet income,,$lance Sheet,,YearInterest payable,Deferred tax liability,Income tax payable,Bond discount,
Determine cash inflowsoutflows from operating activities using the direct method
a Cash paid for interest points
b Cash paid for income tax points
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